Cycle & Carriage Group Outbids
U.S. Investors for 40% of Astra

By

Jay Solomon Staff Reporter of The Wall Street Journal

Updated March 27, 2000 12:01 a.m. ET

JAKARTA, Indonesia -- The sale of a controlling stake in PT Astra International marks the first major asset divestment by the Indonesian government since the country plunged into an economic crisis more than two years ago.

Over the weekend, the government announced that it sold its 40% interest in the country's largest auto maker to a Singaporean-led consortium for $506 million. Jakarta said the transaction sends a strong signal to...